Winston-Salem: From Biotech Breakthroughs to a Booming Bioeconomy?

A Legacy of Innovation, a History of Loss

Winston-Salem. A city synonymous with big ideas and even bigger brands: Truist (formerly BB&T), Wells Fargo (formerly Wachovia), Reynolds American (formerly RJ Reynolds), Hanesbrand, Krispy Kreme, Piedmont Airlines. Born here, built here, but ultimately, gone.

Our innovative spirit is undeniable. Our ability to retain those innovations? A different story. For decades, companies birthed in Winston-Salem have flown the coop, leaving us wondering what could have been.

Regenerative Medicine: A New Dawn?

Now, a new opportunity emerges, shimmering with the promise of regenerative medicine and biotechnology. At the forefront stands the Wake Forest Institute for Regenerative Medicine (WFIRM), pioneering groundbreaking research in organ regeneration, cell therapies, and treatments for chronic diseases. Imagine a future where failing organs can be replaced, not with transplants, but with brand new, bioengineered ones. That future is being built right here.

Winston-Salem stands as one of only ten cities nationwide chosen by the National Science Foundation (NSF) as an innovation hub – the only one focused on healthcare. We're talking cutting-edge medical advancements, the kind that rewrite textbooks and redefine what's possible.

Dr. Anthony Atala, a titan in the field of regenerative medicine, achieved a world first right here: implanting a lab-grown organ into a human patient. Those patients, living testaments to this revolutionary science, are still thriving today.

"Dr. Atala truly spearheaded the scientific discipline of regenerative medicine," explains Dr. Tim Bertram, WFIRM’s chief ecosystem officer. "We have over 600 scientists working on various aspects of regenerative medicine."

The Manufacturing Hurdle: From Lab to Life

But scientific breakthroughs don't magically translate into economic prosperity. A critical roadblock stands between discovery and real-world application: manufacturing.

"Manufacturing failures account for 80-85% of the failures in regenerative medicine," reveals Dr. Bertram. Solving this manufacturing puzzle is key to not only attracting biotech startups, but also keeping them rooted in Winston-Salem.

"The reality is, once a biotech company establishes manufacturing, they’re here to stay," emphasizes Dr. Bertram. This presents a golden opportunity for Winston-Salem. Unlike mobile industries like tech or finance, biotech manufacturing facilities are long-term commitments.

The Capital Conundrum: Fostering “Kind Capital”

But building this biotech future comes with a hefty price tag. "The average cost to bring a discovery from the lab to market exceeds $2 billion," states Bertram. "This makes attracting venture capital a significant challenge. Investors crave exit strategies."

Winston-Salem possesses wealth, but it's a cautious wealth, rooted in traditional industries. While local investors might readily fund the next downtown development, they hesitate to take the leap into the high-stakes world of biotech startups.

Dr. Bertram proposes a solution: "kind capital," a structured investment platform designed to pool local capital and mitigate risk in early-stage biotech ventures. This innovative approach aims to shift the investment equation, transforming long shots into promising opportunities.

Holding Onto Hope: A Path to Prosperity

Winston-Salem has all the ingredients for a thriving life sciences industry: cutting-edge innovation, a skilled workforce, and a rich manufacturing heritage. The question remains: will we seize this moment?

"The talent is here. The science is here. The workforce is here. We need to build the capital ecosystem to support it," urges Bertram. "We need to shift the perspective from charity or economic development to recognizing this as what it truly is: one of the most significant investment opportunities of this century.”

He's right. Winston-Salem has a history of letting opportunity slip through its fingers. This time, we must hold on tight, nurture this burgeoning biotech ecosystem, and finally realize our full potential.